Pet Plastic Recycling Industry By Recycling Process (Chemical, Mechanical), Application (Beverages, Personal Care, Pharmaceutical, Consumer Goods, And Others), And Region – Global Forecast To 2023
Pet Plastic Recycling Industry Overview
The global Pet Plastic Recycling Industry is expected to exhibit a robust 5.28% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global Pet Plastic Recycling Industry is expected to be mainly driven by the growing demand for recycling due to the growing awareness about the environmental benefits of recycling plastic materials.
Growing awareness about the adverse impact of plastic waste on the environment is the major driver for the global Pet Plastic Recycling Industry over the forecast period. As plastics are nonbiodegradable, they have created an immense problem for the environment due to their widespread and longstanding use. Reducing the amount of plastic put out into the environment has become one of the key tactics for companies looking to succeed in the FMCG sector, as this helps them garner considerable public support and goodwill. The growing government support for plastic recycling in the form of rebates and tax concessions is also a major driver for the Pet Plastic Recycling Industry, as manufacturers can now save directly through recycling.
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Leading players in the global Pet Plastic Recycling Industry include PolyQuest, PFR Nord GmbH, Schoeller Group, Clear Path Recycling, Phoenix Technologies, UltrePET LLC, Plastipak Holdings Inc., Krones AG, CarbonLITE Industries, and Indorama Ventures Public Company Limited.
In June 2019, Coca Cola made a pledge to increase the share of recycled plastic in its production chains to 50% by 2023, with the figure currently hovering around 27%. Honest Tea, Chaudfontaine mineral water, and Glaceau Smartwater, all of which are emerging Coca Cola brands in Europe, are expected to incorporate 100% recycled PET by 2020, thanks to the higher awareness about the importance and benefits of plastic recycling in Europe.
The global Pet Plastic Recycling Industry is segmented on the basis of recycling process, application, and region.
By recycling process, the global Pet Plastic Recycling Industry is segmented into mechanical and chemical. The mechanical recycling segment dominates the global Pet Plastic Recycling Industry and is likely to exhibit the highest CAGR over the forecast period. The segment accounted for a whopping 67.92% of the market in 2017.
By application, the global Pet Plastic Recycling Industry is segmented into beverages, personal care products, consumer goods, pharmaceuticals, and others. The beverages segment is expected to dominate the global Pet Plastic Recycling Industry over the forecast period due to the longstanding use of plastics for packaging beverages. The growing demand for packaged beverages in developing economies could also play a key role in the growth of this segment, which is expected to exhibit a CAGR of close to 6% over the forecast period.
The Americas are the dominant force in the global Pet Plastic Recycling Industry, followed by Europe and Asia Pacific, which are also expected to hold considerable shares in the market over the forecast period. The Americas account for more than 30% of the global Pet Plastic Recycling Industry and are likely to remain the dominant segment in the global market over the forecast period due to the high production of beverages, personal care products, and pharmaceuticals in this region and the high use of plastics for packaging the same. The widespread popularity and distribution of leading brands like Coca Cola and PepsiCo is likely to drive the Pet Plastic Recycling Industry in the Americas over the forecast period.
The increasing demand for personal care products and beverages in emerging Asia Pacific economies is likely to be a major driver for the global Pet Plastic Recycling Industry over the forecast period, as the growing disposable income of consumers in Asia Pacific has driven the demand for several household necessities such as cleaning products, as well as luxury products such as beverages and personal care products, which are often packaged in PET bottles. The Asia Pacific market for PET bottle recycling is expected to exhibit a strong 6.59% CAGR over the forecast period.
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